Transactions:

1. Acquisition of Red Lobster by Golden Gate Capital from Darden Restaurants:
   • Transaction type: Private equity acquisition
   • Golden Gate Capital, a private equity firm, purchased Red Lobster from Darden Restaurants for $2.1 billion in 2014.
   • This transaction transferred ownership of Red Lobster from a public company (Darden) to a private equity firm (Golden Gate Capital).
2. Sale-leaseback of Red Lobster's real estate by Golden Gate Capital to American Realty Capital Properties (ARCP):
   • Transaction type: Sale-leaseback
   • Concurrent with the acquisition, Golden Gate Capital sold approximately $1.5 billion worth of Red Lobster's restaurant properties to ARCP, a real estate investment trust (REIT).
   • In a sale-leaseback transaction, the owner of a property (Golden Gate Capital) sells the property to a buyer (ARCP) and simultaneously leases it back, becoming a tenant.
   • This transaction provided Golden Gate Capital with immediate cash to finance the Red Lobster acquisition while allowing Red Lobster to continue operating in its restaurants as a tenant.
3. Sale of a 25% stake in Red Lobster by Golden Gate Capital to Thai Union Group:
   • Transaction type: Partial equity sale
   • In 2016, Golden Gate Capital sold a 25% stake in Red Lobster to Thai Union Group, a seafood supplier, for $575 million.
   • This transaction allowed Golden Gate Capital to recoup some of its investment while maintaining majority control of Red Lobster.
4. Sale of majority control in Red Lobster by Golden Gate Capital to a Thai Union-led investment group:
   • Transaction type: Majority equity sale
   • In 2020, Golden Gate Capital sold its remaining majority stake in Red Lobster to an investment group led by Thai Union Group.
   • This transaction transferred majority ownership and control of Red Lobster from Golden Gate Capital to the Thai Union-led investment group.

Company types and organization:

1. Darden Restaurants:
   • Company type: Public company
   • Darden Restaurants is a publicly-traded company that owns and operates full-service dining restaurants.
   • As a public company, Darden has a board of directors, executive management team, and shareholders.
2. Golden Gate Capital:
   • Company type: Private equity firm
   • Golden Gate Capital is a private equity firm that invests in and acquires companies across various industries.
   • Private equity firms are typically organized as partnerships, with general partners managing the firm and making investment decisions, and limited partners providing capital.
   • Golden Gate Capital likely used a combination of equity from its investment funds and debt financing to acquire Red Lobster.
3. American Realty Capital Properties (ARCP):
   • Company type: Real estate investment trust (REIT)
   • REITs are companies that own, operate, or finance income-generating real estate properties.
   • REITs are organized to provide investors with regular income streams, as they are required to distribute a significant portion of their taxable income as dividends.
4. Thai Union Group:
   • Company type: Public company
   • Thai Union Group is a publicly-traded global seafood company based in Thailand.
   • As a public company, Thai Union has a board of directors, executive management team, and shareholders.
   • Thai Union's investment in Red Lobster was likely a strategic move to vertically integrate its seafood supply chain and expand its presence in the U.S. market.

In conclusion, the Red Lobster transactions involved a mix of private equity, sale-leaseback, and partial and majority equity sales among different types of companies, including public companies, private equity firms, and REITs.

Red Lobster

I. Background A. Darden Restaurants: Parent company of Red Lobster and other restaurant chains B. Red Lobster: Iconic seafood restaurant chain with hundreds of locations and 36,000 employees II. Decision to Sell Red Lobster A. Darden Restaurants evaluates its portfolio and identifies Red Lobster as a candidate for sale

• Reasons: Strong brand value and significant real estate holdings B. Darden Restaurants seeks potential buyers and evaluates options
• Considers spin-offs, real estate sales, and other alternatives III. Golden Gate Capital Acquisition A. Golden Gate Capital, a private equity firm, emerges as the buyer
• Agrees to purchase Red Lobster for $2.1 billion, or 9x EBITDA B. Financing the acquisition

1. Sale-leaseback agreement with American Realty Capital Properties (ARCP)

• ARCP agrees to purchase Red Lobster's real estate assets for $1.5 billion and lease them back to Red Lobster
• Allows Golden Gate Capital to recoup a significant portion of the purchase price while maintaining control of restaurant operations